Bay Grove Capital has acquired Seafreeze Cold Storage from Toyo Suisan Kaisha Ltd. No financial terms were disclosed. Seafreeze is the largest public refrigerated warehouse company in the Port of Seattle.
PRESS RELEASE
Bay Grove Capital LLC (“Bay Grove”), a specialized principal investment firm based in San Francisco, today announced that it has acquired Seafreeze Cold Storage (“Seafreeze” or the “Company”), a subsidiary of Toyo Suisan Kaisha, Ltd. (“Toyo Suisan”), the Japanese food company. Bay Grove acquired Seafreeze through West Coast Cold, LLC and the transaction was financed by Bank of America. Financial terms of the transaction were not disclosed.
Seafreeze is the largest public refrigerated warehouse (“PRW”) company in the Port of Seattle and one of the largest facilities in Puget Sound. It has provided outstanding cold storage services to seafood, meat and baked goods companies since 1978. In 2009 Seafreeze’s current management team will implement a new long-term investment program as well as renew its emphasis on core aspects of the business.
“Seafreeze has a great reputation and long track record of success,” said Kevin Marchetti, a managing director of Bay Grove. “We’re looking forward to further strengthening Seafreeze’s focus on delivering customers the highest level of service and providing employees with the most rewarding and safest work environment as we continue to grow the business.”
“We are excited to work with Bay Grove and the opportunities it will enable,” said Bill Bowman, General Manager of Seafreeze. “We have enjoyed 17 years of strong growth as part of Toyo Suisan. This transaction begins a new era for our company, a chance to leverage Bay Grove’s experience and take Seafreeze to the next level.”
About Bay Grove Capital Bay Grove Capital is a specialized principal investment firm dedicated to working with sophisticated investment groups, family offices, and private investors. The Firm’s Members form an exclusive network that shares private equity investment opportunities as well as knowledge, insight, and relationships. Bay Grove concentrates on sourcing and executing $2 to $20 million equity investments through buyouts and growth equity transactions as well as co-investments with partner funds. The team has a value investing approach and will seek to partner with strong management teams to invest in growing, cash-flow positive domestic businesses with high returns on capital. Bay Grove is based in San Francisco. (www.baygrovecapital.com)
About Seafreeze Cold Storage Seafreeze is a full service public cold storage warehousing company located in Seattle and positioned to service both the domestic and international markets. The Company also leases processing space to several well known seafood companies. The Company’s location in the Port of Seattle provides convenient access to interstate highways, on site rail service, marine cargo carriers and Sea-Tac airport. Experienced staff and a commitment to superior customer service have established Seafreeze as a leader in the handling and storage of seafood, meat, and bakery products as well as in a wide variety of other frozen products. (www.seafreeze.com)
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